SoftBank Vision Fund, a vehicle created by internet and telecoms firm SoftBank, has joined forces with the international arm of insurance company ZhongAn Online P&C Insurance to establish a $200m joint venture, Reuters reported yesterday.
The partners have not announced a name for the joint venture, which will sell ZhongAn’s technology to financial and healthcare companies in Asia-Pacific, including SoftBank’s portfolio companies, in a bid to help ZhongAn expand beyond China.
SoftBank Vision Fund will invest more than $100m and own a 51% stake, while ZhongAn will hold the remaining 49%. ZhongAn will however nominate two people to the board of directors, while SoftBank will only nominate one person.
ZhongAn operates an online platform that offers highly specialised insurance policies, such as insuring customers against alcohol poisoning during football games.
The company has also begun developing blockchain and artificial intelligence technologies, including a project to track farm-raised chickens.
The joint venture follows SoftBank’s decision to purchase a stake of approximately 5% in ZhongAn when the latter listed on the Hong Kong Stock Exchange in September 2017.